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Chapter 6 Inventories s: Series B PR 6-1B FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three- period ending June 30 are as follows: o Number Per Date Transaction of Units Unit Total Apr. 3 Inventory $1,200 $30,000 8 Purchase 1.240 93.000 11 Sale 2,000 80,000 30 Sale 2,000 60,000 May 8 Purchase 1,260 75,600 10 Sale 2,000 100,000 19 Sale 2,000 40,000 28 Purchase 1.260 100,800 June 5 Sale 2.250 90,000 16 Sale 2,250 56,250 21 Purchase 1.264 44240 28 Sale 2.250 99,000 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventor similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Journ entries in the sales and cost of goods sold accounts. Assume that all sales were on 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on June 30. 5. Based upon the preceding data, would you expect the ending inventory using th first-out method to be higher or lower? Chapter 6 Inventories s: Series B PR 6-1B FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three- period ending June 30 are as follows: o Number Per Date Transaction of Units Unit Total Apr. 3 Inventory $1,200 $30,000 8 Purchase 1.240 93.000 11 Sale 2,000 80,000 30 Sale 2,000 60,000 May 8 Purchase 1,260 75,600 10 Sale 2,000 100,000 19 Sale 2,000 40,000 28 Purchase 1.260 100,800 June 5 Sale 2.250 90,000 16 Sale 2,250 56,250 21 Purchase 1.264 44240 28 Sale 2.250 99,000 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventor similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Journ entries in the sales and cost of goods sold accounts. Assume that all sales were on 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on June 30. 5. Based upon the preceding data, would you expect the ending inventory using th first-out method to be higher or lower? Key Code Keycode here) 8 Instructions 9 Answers are entered in the cells with gray backgrounds 10 Cells with non-gray backgrounds are protected and cannot be edited. 11 131 14 Purchases Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Inventory Unit Cost $1200 $ Total Cost 30.000 Quantity Date L Apr. 3 Quantity 25 Pr. 6-18 Type here to search Lenovo i B EBE Clipboard Font Merge & Center - S -% 014 9 Alignment Conditional Formats Formatting b y A Number B C E D Purchases Unit Cost Date Quantity Total Cost F G Cost of Goods Sold Unit Total Quantity Cost Not Unit Quantity Total Cost Cost 30.000 Pr5-18 Type here to search BIU Font E X C D B A 30 May Credit JOURNAL Debit 30 Balances Description AC Pr. 6-18 Type here to search * 8 30 Balan JOURNAL Credit Debit Description Gross profit for the sales period Ending inventory cost Pr. 6-18 Type here to search Lenovo

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